Coinbase Eyes Overseas Trading Amid US Crypto Crackdown
Coinbase Considering Overseas Trading Platform • Coinbase is considering setting up a digital asset exchange platform outside of the United States in response to increased regulatory pressure and a souring banking climate for crypto firms. • The largest cryptocurrency exchange in the US has contacted its institutional clients about plans to establish a new crypto trading platform overseas. • Coinbase CEO Brian Armstrong has warned that a hostile regulatory approach by the SEC could drive the crypto industry outside of the United States. Coinbase Crypto Exchange Considers Overseas Trading Platform Coinbase, the largest cryptocurrency exchange in the U.S., is considering setting up a digital asset exchange platform outside of the United States amid increasing regulatory pressure and a souring banking climate for crypto firms. The company has contacted its institutional clients about plans to establish a new crypto trading platform offshores, Bloomberg reported, citing three people familiar with the matter.…
Russia’s Crypto Users Under Surveillance: 25,000 Monitored by AML Regulator
• The Russian anti-money laundering regulator, Federal Financial Monitoring Service (Rosfinmonitoring), is monitoring over 25,000 crypto users. • It has detected 10 financial organizations that are believed to be aiding these participants and a turnover of 630,000 Bitcoin (BTC). • Rosfinmonitoring is using advanced blockchain analytics software to detect illegal activities on 20 different blockchain networks. Russian AML Regulator Monitors 25,000 Crypto Users The top Russian anti-money laundering regulator, the Federal Financial Monitoring Service (Rosfinmonitoring), is „monitoring“ over 25,000 crypto users – and claims it has sophisticated tools that let it detect illegal activities. During an meeting with President Vladimir Putin, Yury Chikhanchin, the head of Rosfinmonitoring said Russia’s crypto „turnover“ was „in the region of over Bitcoin (BTC) 630,000.“ Tools Used by Russian Regulator Chikhanchin claimed that advances in blockchain analytics software had helped the body increase its monitoring capabilities. In 2020, the body began using a de-anonymizing solution…
XRP Set to Surge? Ripple CEO Expects SEC Case Conclude this Year.
• XRP has dropped by 3% in the last 24 hours, and is 8% up since the start of 2021. • Ripple CEO Brad Garlinghouse expects the SEC lawsuit to end this year, potentially bringing bullish news for XRP. • The coin’s indicators suggest a rebound soon, with its 30-day-moving average close to a bottom and its relative strength index near oversold territory. XRP Price Drop The XRP price has dropped by 3% in the past 24 hours, falling to $0.367287 as the market reels from concerns over the financial health of Silvergate Bank. Its current level means that it has declined by over 5% in a week and by nearly 10% in the last 30 days, although it remains 8% up since the beginning of the year. Ripple CEO’s Expectation Despite the downbeat news coming from Silvergate, XRP holders have reason to be optimistic over the longer term. This…
Fed Meeting Minutes Reveal More Rate Hikes Ahead: Here’s What That Means For Crypto
• The US Federal Reserve’s latest meeting minutes indicate that more interest rate hikes are coming. • Financial markets had initially been expecting just two more 25 bps rate hikes, but this month’s hot US data has forced them to up their bets. • Money markets now imply a 27% probability that the Fed might raise interest rates by 50 bps in March and peak in the 5.25-5.50% range in June. Latest Fed Meeting Minutes The recently released minutes of the 1st of February meeting of the Federal Open Market Committee (FOMC) indicated that more interest rate hikes are coming from the US Federal Reserve. The FOMC, comprised of an assortment of Federal Reserve Governors and regional Fed Presidents, raised interest rates 25 bps to a 4.50-4.75% target range at their meeting earlier this month. Financial Markets Expectations At the time, most analysts were forecasting just two more 25 bps…
XRP Price Surge Incoming? Community Urges Coinbase to #RelistXRP
• XRP’s price has gained 3.5% in the past 24 hours, rising to $0.382995 as the cryptocurrency market recovers from its weekend losses. • Despite this, sentiment surrounding Ripple’s legal battle with the SEC remains positive, with XRP’s community recently taking to Twitter to urge Coinbase to relist the token. • Some have even claimed they’ve heard rumors that Coinbase is indeed planning to relist XRP, although there is no evidence in support of such speculation. XRP Price Gains The XRP price has gained by 3.5% in the past 24 hours, rising to $0.382995 as the cryptocurrency market recovers from its weekend losses. Its current price represents a 5% fall in a week and a very slight 0.4% dip in the last 30 days, as XRP continues to be undermined by the dragging on of Ripple’s legal battle with the SEC. Positive Sentiment Despite this, sentiment surrounding this case remains…
Crypto Whales See Bitcoin Bull Case: NFTs & Long-Term Investors Lead Uptrend
Cathie Wood’s Bull Case for Bitcoin • Despite the recent drop in its value, Ark Investment Management remain optimistic about the future of bitcoin. • The market cap of bitcoin has grown significantly and long-term investors now own 71% of the total supply. • Exchanges are becoming more transparent and NFTs are focusing on real value and utility instead of speculation. Market Capitalization Bitcoin’s market capitalization (market cap) as of November 21, 2022 was $393 billion, compared to just $58 billion five years earlier. This tremendous growth in market cap points to an increasing number of long-term investors who are becoming more focused on the long-term potential of bitcoin and less likely to sell in response to short-term fluctuations in its value. Exchange Transparency Exchanges have become increasingly transparent over the past few years due to a decrease in trust in centralized crypto entities. This increased transparency is seen as…
Crypto Market Soars: Bitcoin and Ethereum Prices Climb 5% Amid Positive Momentum
• Bitcoin and Ethereum prices have seen a steady rise in the past few months, leading investors to wonder if a further 5% rise is possible for BTC and ETH today. • Factors such as favorable market conditions, augmented institutional buying, and the anticipation of extensive utilization are contributing to the success of the market. • If macroeconomic factors remain stable, the current momentum could be maintained in the coming weeks. The cryptocurrency market has seen a positive start this month with the global crypto market capitalization growing by 1.77% to $1.07 trillion in the last 24 hours and a 24.92% increase in total crypto trading volume. This is an indication that the market is currently in a risk-on crypto mood, meaning that investors are willing to take on more risk in order to gain greater returns. Many factors are driving this growth, such as favorable market conditions, augmented institutional…
Bitcoin Rally Sees 66.9% of Crypto In Profit
Bulletpoints: • The 30-day Exponential Moving Average of the number of Bitcoins that are “in profit” hit a 2-month high on the 19th of January. • 66.9% of Bitcoins were in profit on Thursday the 19th of January, up from around 50% at the turn of the year. • Macro trend shifts in the volume of Supply in Profit can signal when a heavy concentration of investor cost basis has recently transitioned between unrealized profit, or loss. The cryptocurrency market has seen a surge in Bitcoin prices since the start of 2021 and the latest Bitcoin rally has seen the world’s largest cryptocurrency by market capitalization regain the $21,000 level. This surge has been accompanied by a rise in the number of bitcoins that are “in profit” – that is, those that were acquired at a time when the BTC price was lower. On the 19th of January, the 30-day…
Bitcoin Soars 12% as Global Economy Begins to Recover
• Bitcoin’s price has risen 12% in the past week, with positive economic data such as US inflation figures, UK economic growth, and similar news from France and Germany contributing to the market’s bullish sentiment. • Now may be the best time to buy BTC, as the virtual currency appears to have left the bear market bottom behind and is leading the crypto market in a renewed bull market. • The data invites the suspicion that the global economy is beginning to turn a corner after the Ukraine war and long Covid threat of a recession last year. The cryptocurrency market has had a very good couple of days, with the Nasdaq jumping by 4.1% in a week, and Bitcoin leading the charge with a 12% increase. This comes after the publication of positive US inflation figures yesterday, and more encouraging economic data from the UK, France, and Germany. The…
V Global Exchange CEO Sentenced to 25 Years in Prison for $2.3B Fraud
• The CEO of the V Global exchange, surnamed Lee, has been found guilty of fraud and will serve 25 years in jail. • The exchange had promised members payouts in the platform’s own tokens for recruiting new members, which later turned out to be bogus. • Police stepped in after groups of angry investors complained they could not withdraw tokens or fiat from the platform. The Supreme Court of South Korea has sentenced the CEO of the V Global exchange, surnamed Lee, to 25 years in prison for fraud. The ruling comes after the court heard that the exchange had tricked some 50,000 customers out of a total of $2.3 billion. V Global was designed to look like a bona fide trading platform. It featured a website with real-time coin tickers and a tiered membership system that promised members payouts in the platform’s own tokens for recruiting new members.…